News

Zynga’s IPO means former Myspace boss will have the last laugh


Tags:

Social games publisher Zynga has filed the S-1 document for its IPO, which has seen journalists poring over the stats behind its rapid growth. Zynga has 148 million monthly unique players of its Facebook games, and posted revenues of $597.5 million in 2010 (and $235.4 million in the first quarter of 2011 alone). A whopping $574.6 million of those 2010 revenues came from virtual item sales within games like FarmVille and CityVille, although Zynga’s net income in 2010 was just $11.8 million. The filing reveals that Zynga has raised $845 million in VC funding in the four years since it was founded, but it still has nearly $1 billion in cash. All these figures will be scrutinised by the music industry, as firm evidence of the size and growth of social gaming. However, All Things Digital has seized on the greatest irony of the filing. Remember Myspace CEO Owen Van Natta? He was pushed out of the social network in February 2010, and then joined Zynga in a biz dev role. Last week, his former company was sold for $35 million. Zynga’s S-1 filing reveals that in 2010 alone, Van Natta was paid $43 million in total compensation for his new role. Oof. Source: Mobile Entertainment Source: VentureBeat Source: VentureBeat

Like what you’ve read here? This is just a snippet from our subscription service.

Our subscribers get the most important digital music news and analysis delivered to them every morning and full reports every week plus access to a massive archive of data and previous reports.

For a free two week trial of Music Ally, sign up here. No strings attached – we promise!

 

Music Ally

Read More: News
Leave a Reply

(All fields required)